This is a common playbook with developers on the ASX and...

This is a common playbook with developers on the ASX and bespeaks a board that has rolled over.

Yes,it is low ball and opportunistic and has been said our main saving grace is that RMS is breaking out and starting a new uptrend and is a vehicle to ride the gold bull- more so because they will get BRB !

RMS may 2-3 bag whereas BRB had the potential to do better.

Many things annoy Asculpeous about this offer:
1) particularly that the board has allowed itself to be hand-cuffed. These are unusual provisions in a takeover document ,so one wonders. It is the boards job to try and find a better offer in the interest of their shareholders but this document appears to prevent this.It could be legally challenged if there were a large enough group of dissident shareholders.One suspects that the board has been doing a deal for some time to allow themselves to be in this position.

2)As in many situations like this there is an element of deception. We were led to believe that the company would build a mine.Whether or not the seeds of this deal were hatched some time ago and the sale of Manna was part of the condition for a takeover.

3)The cash belongs to shareholders and should not have been part of the deal. Another board failure.

We each need to make our own decision and Asculpeous will be holding for a sweetener, at a minimum, to get the deal across the line. No point in selling to create a big CGT gift to Jim Chalmers.

It is a given that because the board has rolled over, there will be swathes of announcements that the offer will close and BRB shareholders will lose a golden opportunity and that BRB will be delisted etc etc- this is all part of the playbook.Look what happened with DCN.Using the same advisors?

Not sure whether they can raid the cash with just 50%.
We'll see how desperate they get -watch the declarations of relevant interest and we can get an idea of the uptake. Little uptake, more chance of a sweetener.